Express Pipeline completes expansion financing

Date Closed: 7/21/2004

Value: US$110 million   

On July 21, 2004, Express Holdings (Canada) Limited Partnership and Express Holdings (USA) Inc. completed the first closing in respect of the issuance of US$110 million aggregate principal amount of 6.09 per cent senior secured guaranteed exchangeable notes due January 15, 2020. The first closing resulted in the issuance by private placement in the United States of US$55 million of notes. The second closing is scheduled to take place on October 15, 2004 and will result in the issuance of a further US$55 million of notes.

Bruce Sinclair and Janette Pantry of BLG in Vancouver acted as special Canadian tax counsel to the issuers.